I am reading “The Millionaire Mind” by Thomas J. Stanley. I am at page 115 now, but I already have such a strong opinion regarding what Dr. Stanley is saying that I decided to write about it before finishing the book.
In these pages, the author repeatedly tells us that testing high on IQ tests or standerdized tests such as the SAT, GMAT or GRE does not indicate economical success. That much I agree with. Jack is a good student does not imply that Jack will be able to amass a lot of wealth during his lifetime.
Thus, he is correct in saying that one should not be disheartened just because they do not have good academic scores. Doing well in studies is not the only factor that makes one successful later in life. But at the same time, I think what is missing from the book is acknowledging that it is much harder to be very successful financially if one does not have a formal education. College degrees have a way of opening doors and opportunities that are just not available to someone who never went to college. While some uneducated people are millionaires, there are even more who are poor. And while not every educated person is a millionaire, most of them are above the poverty line.
I actually think having a higher analytical intelligence gives you an inborn advantage in becoming economically successful. If I hadn’t gone to graduate school, would I have as much money as I do now? I don’t think so. I agree that education is not the only factor that made me successful, but I am sure glad I had the education because it would be much harder to be financially independent without it.
What do you think about the correlation between education and money? Let me know.
